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CenCorp completes capital offering

SOUTHFIELD, Mich. (7/8/11)--Central Corporate CU (CenCorp) announced it completed its Perpetual Contributed Capital (PCC) offering July 1. CenCorp said it received strong support from its existing members, with more than 90% of member credit unions giving PCC commitments of $80 million so far. CenCorp said it anticipates contributions will rise as the process is finalized and paperwork is revised from additional members. “This is a significant milestone for CenCorp,” said Bill Walby, CenCorp CEO. “With the capital change, CenCorp is positioned to serve members under its revised business model and comply with new regulatory requirements. The high participation rate from members demonstrates that a credit union-owned cooperative for correspondent services continues to make sense. We are fortunate to have received this level of support.” CenCorp, based in Southfield, Mich., is a corporate credit union that provides wholesale investment, credit and correspondent services to more than 300 credit unions.